Zerribuchus (125)
Please note that while it doesn't raise overall skill level, its worth putting extra points in a skill so that you can learn the additional spells -- the system is about raising skill level and learning new spells at the same time. Its also worth pointing out that this mage struggles with new colleges until the proper number of points are sunk into them or unless they have IQ+Magery = 18, not 17. On the other hand, sinking more spells in one college can allow the IQ+Magery sweet spot to be a good deal lower.

I'm not sure if I like this or not, and I can't speak to its balance -- that wizard up there seems a little strong for 125 points... but it does achieve the desired goal of encouraging specialists. Its also strongly tied to the college system. for different specialists you may need to use different colleges.

The 'One spell from 10 Colleges' requirement on gate and metamagic is very painful in the system. Above, I just ignored it. A 5 or unusual background for access to 'higher' magic would work just as well. Also, statements have been made to the effect that the prereq system is NOT a balancing component of magic.

Is it particularly unbalanced? I expected it to be a little bit stronger, but not broken.

I agree that things like Teleport become more expensive. Instead of an unusual background, what about a suggestion to drop "must know X college requirements" in some fashion, such as subtracting 5 or dividing by 2? Or maybe it's okay that high magic is more expensive when other things are a little more powerful?